HANOVER, Md.–(BUSINESS WIRE)–Dragos, Inc., developers of the Dragos threat detection and response platform, announced today it has raised $37M in Series B funding. The new investment comes at a time of rapid growth in the ICS cybersecurity market, and specifically, demand for Dragos’ industry-leading asset identification and threat detection software. The round was led by Canaan, with participation from existing investors as well as Emerson, National Grid Partners and Schweitzer Engineering Laboratories (SEL). With the investment, Joydeep Bhattacharyya, Partner at Canaan, joins the company’s board of directors.

“Industrial equipment is one of the last largely unprotected vectors for cyberattack, one with potential for massive damage to the global economy including loss of human life,” said Joydeep Bhattacharyya, Partner at Canaan. “The Dragos threat detection and response platform delivers an unmatched solution to a fast-growing list of large industries and customers and we are thrilled to partner with this team of leaders in the industry.”

Codified with decades of real-world experience from an elite team of ICS cybersecurity practitioners, the Dragos industrial threat detection and response platform provides ICS cybersecurity teams the necessary components required to scalably and successfully detect and respond to industrial cybersecurity threats. As a natural extension of the comprehensive, intelligence-driven approach to ICS cybersecurity, Dragos also provides threat hunting and incident response services as well as a threat intelligence program – Dragos WorldView – for intelligence reports on the latest industrial threats.

“Critical asset threats are on the rise, so an industrial specific cybersecurity strategy is increasingly important to companies,” said Andre Turenne, Director, National Grid Partners. “National Grid is leading the way in addressing industrial control system cybersecurity and Dragos has the expertise and technology to know that there is a specific threat occurring and informs what the attack is and what to do about it.”

“As global industries continue to implement digital transformation strategies, it becomes even more critical to continue investing in new digital security technology,” said Robert Yeager, president of Power and Water Solutions for Emerson. “The future of our industry depends on maintaining secure technology infrastructure, and we look forward to partnering with companies like Dragos to develop next-generation cybersecurity solutions for our partners across the energy and power sectors.”

Interest in a new approach is not only shared by Dragos’ Series B investors, but is reflected by growth of the ICS security industry and demand for Dragos’ ICS asset identification, threat detection and response platform. “Customers are recognizing our approach of first hiring an exceptional team of industrial security practitioners, and then codifying their experience into software, instead of simply relying on machine learning models or shared technical indicators. This results in a superior level of threat detection and response,” said Robert M. Lee, CEO and co-founder of Dragos.

The Series B funding will be leveraged to continue the Dragos mission of safeguarding civilization. It will provide the resources required for growing the team in all areas, as well as international expansion, and fueling rapid growth driven by the high demand of customers. As threats become more numerous and aggressive, Dragos supports global collaboration and an intelligence-driven approach to industrial cybersecurity to ensure that the world’s critical infrastructure will remain defended.

Learn more about Dragos and industrial control systems (ICS) cybersecurity:

The Dragos ICS threat detection and response platform distills decades of real-world experience from an elite team of ICS cybersecurity experts across the U.S. intelligence community and private industrial companies. Dragos’ offerings also include threat hunting and incident response services, and Dragos WorldView for weekly threat intelligence reports. Dragos is headquartered in the Washington, DC area. For more information, please visit dragos.com or follow @DragosInc.